The US dollar is up today after the administration announced expanded sanctions on Iran and new 50% tariffs on Canadian goods starting in 2027. The Canadian dollar dropped 0.6% in response, and Canada has promised to retaliate. There are also reports that the Treasury might tap its $1 trillion General Account at the Fed to buy longer-term bonds instead of issuing short-term bills. The goal is to relieve upward pressure on long-end yields. Some economists noted this is an interesting approach, but warned it could make the government's debt burden more sensitive to changes in the Fed's policy rate. Elsewhere, Bitcoin gained 2% to sit around 79k. Markets are now waiting on PCE inflation data and comments from Fed Chair Warsh later this week, though analysts at UBS and Morgan Stanley expect him to hold back on giving clear near-term monetary policy guidance.